Euro-division exacerbates euro-contagion [Fritzworth]

Early Friday morning here in France, and the hits just keep on coming. Replace "European Union" with "United States", and we may see into our own future a bit:

The European Union and the 16 nations that use the euro face two crises. One is the immediate problem of too much debt and government spending. Another is the more fundamental divide, roughly north and south, between the more competitive export countries like Germany and France and the uncompetitive, deficit countries that have adopted the high wages and generous social protections of the north without the same economic ethos of strict work habits, innovation, more flexible labor markets and high productivity.

As Europe grapples with its financial crisis, the more competitive, wealthier countries are reluctantly rescuing more profligate economies, including Greece and Ireland, from fiscal and bank woes, while imposing drastic cuts in spending there.

In our case, the division isn't north vs. south, it's red states vs. blue states.

In the meantime, we head for the airport in a little over an hour to fly home ("Back in the US/Back in the US/Back in the USofA!"). But next week, I'll make another trip, this one to a strange country, one with its own peculiar reality and economics, where my sweet wife and I lived for six years. Yes, I'm talking about the District of Columbia. Stay tuned. ..fritz..

posted by Open Blogger at 12:49 AM

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